西部证券：险资股票风险因子松绑 权益配置空间扩容

Core Insights - The insurance industry's comprehensive and core solvency adequacy ratios are projected to be 186.3% and 134.3% respectively by the end of Q3 2025, significantly above regulatory thresholds of 100% and 50% [1][4] - A reduction in risk factors for specific stocks and insurance business is expected to create an 11% increase in stock allocation capacity, particularly benefiting sectors like banking, public utilities, and coal [1][5] Regulatory Changes - On December 5, the National Financial Regulatory Administration announced adjustments to risk factors for insurance companies, specifically targeting long-term holdings of certain stocks, marking a continuation of regulatory efforts to guide insurance capital into the market [2] Risk Factor Adjustments - The risk factor for stocks held for over three years in the CSI 300 index has been reduced from 0.3 to 0.27, while for stocks in the Sci-Tech Innovation Board held for over two years, it has decreased from 0.4 to 0.36, facilitating a more favorable investment environment [3] Solvency and Investment Capacity - The insurance sector's solvency ratios indicate a potential easing of capital pressure, allowing for increased stock investments. The estimated capital release from the risk factor adjustments could amount to 326 billion yuan, theoretically increasing stock investments by 1,207 billion yuan, which is 3.3% of the current insurance stock balance [4] Investment Outlook - The adjustments in risk factors are expected to diversify insurance capital allocations, with a focus on stable blue-chip stocks and technology growth companies. The insurance sector is anticipated to play a significant role in the financial industry's growth amid structural transformations [5]